Coming Soon... (February 1, 2025. 11:00 am onwards)

Finance Minister Nirmala Sitharaman will deliver the Budget speech in the Lok Sabha at 11 a.m. on February 1, 2025, detailing budgetary allocations and revenue projections for the financial year 2025-26. It may include announcements on innovative measures to boost infrastructure, agriculture, MSMEs and other critical sectors. Some key expectations from this budget are:

1. Standard Deduction: The Standard Deduction under the Old Tax Regime is Rs. 50,000 per annum. It is expected that this goes up to Rs. 75,000 per annum in the New Tax Regime.

2. Income Tax Slab: It is expected that the basic exemption limit may increase to Rs. 5,00,000 from the current amount of Rs. 3,00,000 and a new tax rate of 25% may be introduced.

3. Section 80 C: The current limit of Section 80 C of the IT Act (1961) is Rs. 1,50,000. This is expected to change to Rs. 2,00,000.

4. Higher Deduction Limit on Home Loan Interest: Deduction available u/s 24(b) may increase from Rs. 2,00,000 to Rs. 3,00,000.  

5. Section 80D: Deductions u/s 80D might go up from current limits. It may also be extended to new tax regime.  

6. Concession on Corporate Taxes for new domestic manufacturing companies: The concessional rate of 15% may be extended to companies beginning manufacturing from April 1, 2024. Also, to be provided to Global Capability Centres (GCCs).